Imperial Innovations Group plc (AIM: IVO, "Innovations" or the "Group") notes the publication by Circassia Pharmaceuticals (LSE: CIR, "Circassia" or the "Company"') of top-line results from its investigational cat allergy immunotherapy Phase III study.
In the study, both treatment regimens and placebo greatly, and equally, reduced subjects' combined allergy symptom and rescue medication use score from baseline. As a result, despite dramatic improvements in subjects' allergy symptoms and rescue medication use, the very marked placebo effect meant that the treatment did not meet the study's primary endpoint.
Russ Cummings, CEO of Imperial Innovations, said:
"Although these results are disappointing, we continue to be supportive long-term shareholders in Circassia. The experienced management team have diversified the business since its IPO in 2014. In addition to its immunotherapy products, Circassia has a fast-growing asthma diagnostics and management platform, and a broad pipeline of respiratory products, each of which have considerable value in their own right.
"Our strategy is to build a portfolio of high quality, well-managed, well-funded businesses with significant potential. Circassia, in which we have a 9.3% stake, continues to be one."
Innovations' portfolio currently comprises 105 companies, of which there are 45 accelerated growth companies in which the Group actively invests and takes a seat on the Board.